links for 2007-09-27
New Home Sales in Historical Perspective

Gurk! New-Home Sales Tumble 8.3% As Prices Decline More Than 7%

Why I am in the rate-cutting caucus:

New-Home Sales Tumble 8.3% As Prices Decline More Than 7% - WSJ.com: By JEFF BATER: WASHINGTON -- New-home sales resumed falling in August, sinking to the lowest level in seven years, and prices tumbled, signaling the housing sector will remain a drag on the U.S. economy. Sales of single-family homes decreased by 8.3% last month to a seasonally adjusted annual rate of 795,000, the Commerce Department said Thursday. July new-home sales rose 3.8% to an annual rate to 867,000; originally, the government said July sales rose by 2.8% to 870,000. The median estimate of 26 economists surveyed by Dow Jones Newswires was a 4.6% decline in August sales to an 830,000 annual rate. The level of 795,000 was the lowest since 793,000 in June 2000. Year-to-year, new-home sales were 21.2% lower than the level in August 2006...

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